ANNUAL REPORT 2007 002CS-61463 NYSE:TWX INVESTOR INFORMATION Time Warner Is Built on Strong Businesses
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INVESTOR RELATIONS NYSE:TWX 866-INFO-TWX www.timewarner.com AOL Keyword: IR www.timewarner.com/investors CORPORATE HEADQUARTERS [email protected] One Time Warner Center New York, NY 10019-8016 MEDIA RELATIONS 212-484-6511 GENERAL INFORMATION 212-484-8000 ANNUAL REPORT 2007 002CS-61463 NYSE:TWX INVESTOR INFORMATION Time Warner is built on strong businesses. Going forward, SHAREHOLDER SERVICES FINANCIAL & OTHER 2007 STOCK PRICE NUMBER OF EMPLOYEES we’ll be even more revolutionary Registered shareholders (who COMPANY INFORMATION PERFORMANCE More than 86,000 worldwide hold shares in their name) with Copies of Time Warner Inc.’s High: $23.15 at December 31, 2007. than evolutionary in pursuing questions or seeking services, fi nancial information, such Low: $16.17 including change of address, as the Annual Report to Close (12/31/07): $16.51 INDEPENDENT AUDITORS new opportunities. lost stock certifi cate, transfer Stockholders, Annual Report Ernst & Young LLP of stock to another person and on Form 10-K fi led with the PUBLIC DEBT SECURITIES other administrative services, Securities and Exchange For a list of the company’s TIME WARNER INC. should contact the Transfer Commission (SEC), Quarterly public debt securities and CONTACT INFORMATION Agent at: Reports on Form 10-Q and trustee information, please Corporate Headquarters Proxy Statements, may be refer to the stock and debt Time Warner Inc. Computershare Trust ordered, viewed or downloaded securities information section One Time Warner Center Company, N.A. through the company’s Web site: of the company’s Web site: New York, NY 10019-8016 P.O. Box 43078 www.timewarner.com/investors. www.timewarner.com/investors. 212-484-8000 Providence, RI 02940-3078 Time Warner Corporate 800-254-5193 Alternatively, you can order ANNUAL MEETING OF Web site: copies, free of charge, by calling STOCKHOLDERS www.timewarner.com From outside the U.S.: toll-free 866-INFO-TWX. The Annual Meeting of 781-575-4593 Stockholders will be held on INVESTOR RELATIONS Web site: COMMON STOCK Friday, May 16, 2008, beginning Time Warner Inc. www.computershare.com Time Warner Inc. common stock at 10:00 a.m. Eastern time. The One Time Warner Center is listed on the New York Stock meeting will take place at The New York, NY 10019-8016 Benefi cial shareholders Exchange under the ticker Omni Hotel at CNN Center, 866-INFO-TWX COVER IMAGES, LEFT TO RIGHT: (who hold their shares through symbol “TWX.” Grand Ballroom, M4 Level, e-mail: [email protected] Sex and the City, The Dark Knight, CNN 2008 political coverage, brokers) should contact the North Tower, 100 CNN Center, TNT’s The Closer on Time Warner Cable’s Start Over service, broker directly on all As of February 15, 2008, Atlanta, GA. MEDIA & PRESS AOL Money & Finance, HBO On Broadband—Entourage (photo credit: administrative matters. there were approximately COMMUNICATIONS Claudette Barius/HBO), TIME 3.6 billion shares outstanding Time Warner Inc. and approximately 47,150 One Time Warner Center THIS SPREAD, LEFT TO RIGHT: shareholders of record. New York, NY 10019-8016 HBO Documentary Films’ The Greatest Silence: Rape in the Congo 212-484-6511 (Image supplied by Lisa Jackson/producer/director), Harry Potter and the Half-Blood Prince, Time.com, Two and a Half Men, MapQuest Mobile, HBO On Demand—The Wire (photo credit: Paul Schiraldi/HBO), AOL Australia, People.com, La Vie en Rose, HBO On Broadband— In Treatment (photo credit: Lacey Terrell/HBO) CERTIFICATIONS Time Warner has fi led with the SEC as exhibits to its Annual Report on Form 10-K for the year ended December 31, 2007, the certifi cation of each of its Chief Executive Offi cer and Chief Financial Offi cer required by Section 302 of the Sarbanes-Oxley Act. In addition, Time Warner has submitted to the New York Stock Exchange the required certifi cation of the Chief Executive Offi cer with respect to Time Warner’s compliance with the New York Stock Exchange’s corporate governance listing standards. CAUTION CONCERNING FORWARD-LOOKING STATEMENTS This document includes certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management’s current expectations or beliefs and are subject to uncertainty and changes in circumstances. Actual results may vary materially from the expectations contained herein due to changes in economic, business, competitive, technological, strategic and/or regulatory factors, and other factors affecting the operation of the businesses of Time Warner. More detailed information about these factors is set forth in fi lings by Time Warner with the SEC, including Time Warner’s most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q. Time Warner is under no obligation to (and expressly disclaims any such obligation to) update or alter its forward-looking statements, whether as a result of new information, subsequent events or otherwise. CORPORATE PUBLICATIONS Copies of Time Warner’s Annual Report on Form 10-K for the year ended December 31, 2007 (excluding exhibits thereto), are available without charge upon written request to Time Warner Inc., One Time Warner Center, New York, NY 10019-8016, Attn: Investor Relations, by placing an order online at www.timewarner.com/investors, or by calling toll-free 866-INFO-TWX. The Annual Report on Form 10-K and Time Warner’s Quarterly Reports on Form 10-Q, as well as certain other documents fi led with the SEC, are available via the company’s Web site at: www.timewarner.com/secfi lings and on the SEC’s Web site at www.sec.gov. TRADEMARK INFORMATION All trademarks and service marks referenced herein are owned by the respective trademark or service mark owners. ©2008 Time Warner Inc. Published 2008. A MESSAGE FROM PRESIDENT & CEO JEFFREY L. BEWKES To Our Shareholders, I welcome the opportunity in this letter — my first to you as Time Warner’s CEO — to set out where the company is going and how we’ll take it there. Time Warner is built on strong businesses, but we compete in industries that are undergoing fundamental transformations as new technologies and consumer expectations continue to evolve. Against this backdrop of accelerating change, we’re intensifying the company’s focus on growth by aggressively capitalizing on our most promising opportunities. Everything we’re doing reinforces our commitment to increasing shareholder returns in a sustainable, long-term way. To achieve this goal, we’re working to: • Operate our businesses for better performances and higher returns than our competitors; • Ensure that we have the right businesses and the right structure; and • Actively manage our balance sheet and deploy capital to the right places — including, when appropriate, directly to our shareholders. A MESSAGE FROM PRESIDENT & CEO JEFFREY L. BEWKES Growing our businesses is critical to Time Warner’s long-term to the industry, we’re putting an increasing amount of our success. Not only do we need to sharpen our current opera- own network programming on demand. tions, but we must also take full advantage of emerging digital technologies. We’ve recently made great progress across our All leaders in their categories, Warner Bros. Entertainment, divisions — including AOL’s Platform-A advertising business; Time Inc., HBO and Turner Broadcasting continue to build CNN’s global leadership in online and wireless news; Time on their foundation of award-winning entertainment and Warner Cable’s groundbreaking Enhanced TV features such news. At the 2007 Primetime Emmy® Awards, I’m proud as Start Over; Time Inc.’s successful SI.com, CNNMoney.com to say, HBO received 21, the most of any network for the and People.com Web sites; and HBO On Broadband. fi fth consecutive year, and Time Warner companies won six 2008 Academy Awards®. Going forward, we’ll be even more revolutionary than evolu- tionary in pursuing new opportunities. At our studios, networks As we generate revenue growth, we’ll also manage our expenses and publishing companies, digital content and distribution to expand our businesses’ margins and profi tability. Recently, are extending our brands globally. These businesses are now I announced a plan to cut over 15% of our corporate costs, stepping up their efforts to create new ways for consumers resulting in an annual savings of more than $50 million. to enjoy compelling content how, when and where they want Making cost management a continuing commitment, we’re it. For instance, we believe that advertising-supported extending this discipline across all of our operations. networks would benefi t from making their programming Our decision to combine Time Warner’s fi lm studios, for lineup available on demand to TV viewers. And, as an example example, will enable New Line Cinema to achieve signifi cant savings in overhead by taking full advantage of Warner Bros.’ Everything we’re doing infrastructure. reinforces our commitment Aiming at putting the right businesses in the right structure, to increasing shareholder we launched two initiatives earlier this year. returns in a sustainable, First, we began working to separate AOL’s declining access long-term way.